Pitfalls of Being an Executor

As a general rule, the executor of an estate does not have personal liability for the debts and obligations of a decedent. Lest executors become complacent, however, they should be aware of an important exception to that rule, which was illustrated by a recent federal court case between executors and the Internal Revenue Service (IRS). At the time of her death, the decedent had a substantial unpaid income tax liability, in the range of a half-million dollars. There … [Read More...]